by Joseph Kenny | 10/1/08

So, for whatever reason you have decided that you need a credit card. While many experts will warn against seeking a line of credit during the current mortgage crises your situation very well might deem it necessary. However, you can not rush out there and sign your name to the first credit application that crosses your path. No matter the urgency you need to take a least a moment to look over the card's terms and conditions. If you can manage it more than just that moment will be ideal. When looking for a credit card, finding the right one is crucial.

Now, finding credit card applications will certainly not be difficult, all you have to do is check your mailbox. What you need to know about those offers is that they are just that; offers to advertise the credit card aimed at getting the most consumers with the least amount of effort. It works so we can not really begrudge the credit card companies of their tactics. We can, however, be a little smarter and start to shop around.

Credit card offers can be found online, in financial magazines, and even through your bank. Once you located the offers you need to understand what the credit card companies' look for as they sort those applications.

Many credit card companies use the Fair Isaac & Co. (FICO) credit score. There are other organizations that offer a credit score so you should find out which one the company uses. No matter the method, a bad credit score is still a bad credit score and can disqualify you from the cards and certainly from lower interest rates.

Let's say that your credit score is decent, which is all one can really hope for now a days. The credit card companies are not going to accept a good score on blind faith alone, not anymore. Before the collapse of the sub prime mortgage market and the resulting credit crunch, credit card companies were far more eager to hand out lines of credit even to those who they saw as high risk, meaning that they had a greater potential of defaulting on payments. Now, credit card companies are being far more cautious about who they hand their cards to.

To establish that you are not high risk the credit card companies will need to see that you are dependable and reliable. The easiest way to do this is by looking at your employment record and residence history. If you have lived in the same home and have been employed by the same company for more than a year then chances are good that you will be approved. If you meet these criteria along with a good credit score then not only will you get a card but you'll get it as a lower interest rate as well.

So, you are able to qualify for a card, hopefully one with a low interest rate. Now you have to do some leg work and find the best credit card suited to your needs. Many cards offer rewards and benefits if you meet certain requirements. Be realistic when you compare these benefits. If you will not be able to pay off the minimum balance then don't accept a card offering benefits for when you do. Chances are that you will not be reaping those rewards.

Overall, when you get a credit card make sure it is one that you will be able to use responsibly. While limiting the number of cards you have is smart sometimes you will need that line of credit but make sure you find one that will benefit you the most.